Warsaw Stock Exchange Launches FX-Hedged Bitcoin ETF for Regulated Crypto Access

The Warsaw Stock Exchange (GPW) has listed its first Bitcoin exchange-traded fund (ETF), the Bitcoin BETA ETF, marking a significant milestone in Poland’s financial marketBitcoin Magazine^[1]. Managed by AgioFunds TFI SA, the fund provides investors with regulated exposure to Bitcoin through futures contracts listed on the Chicago Mercantile Exchange (CME), rather than direct ownership of the cryptocurrencyFX Leaders^[2]. A key feature of the ETF is its foreign exchange (FX) hedging strategy, which mitigates risks from fluctuations between the U.S. dollar and the Polish zloty (PLN) by employing forward contractsThe Crypto Basic^[3]. This structure distinguishes the Bitcoin BETA ETF as the first on GPW to combine cryptocurrency exposure with currency risk managementHODL FM^[4].

The ETF’s prospectus was approved by Poland’s Financial Supervision Authority (KNF) on June 17, 2025, enabling the issuance of two series of investment certificates (A and B). To ensure liquidity, Dom Maklerski Banku Ochrony Środowiska S.A. has been designated as the market makerWarsaw Post^[5]. GPW officials emphasized the ETF’s alignment with investor demand for diversified asset classes and its role in enhancing market safety by offering a supervised, transparent vehicle for cryptocurrency exposureBitcoin Magazine^[6]. Kazimierz Szpak, CEO of BETA TFI SA, noted the launch reflects growing investor appetite for regulated crypto products and projected the ETF to be well-receivedFX Leaders^[7].

The listing expands GPW’s ETF portfolio to 16 products, including funds tracking domestic indices like WIG20 and international benchmarks such as the S&P 500 and Nasdaq-100. ETF turnover on GPW has surged to PLN 1.9 billion year-to-date, a 94.2% increase compared to the same period in 2024HODL FM^[8]. This growth mirrors a global trend of institutional and retail investors seeking regulated pathways to digital assets. The Bitcoin BETA ETF joins similar products listed in the U.S., Canada, Germany, Switzerland, Brazil, and Australia, reflecting the maturation of the crypto ETF marketWarsaw Post^[9].

Globally, over 90 crypto ETF and exchange-traded product (ETP) filings are under consideration, with a rising focus on altcoins beyond Bitcoin and EthereumFX Leaders^[10]. Regulatory developments, such as the U.S. Securities and Exchange Commission’s (SEC) approval of generic listing standards for commodity-based trust shares, are expected to accelerate adoption. Bloomberg ETF analyst Eric Balchunas highlighted that such rules could triple ETF launches, potentially resulting in over 100 crypto ETFs in the next 12 monthsBloomberg ETF Analyst Eric Balchunas^[11].

For Polish investors, the Bitcoin BETA ETF offers a regulated alternative to unverified crypto platforms, aligning with broader efforts to integrate digital assets into traditional finance. While the fund carries risks tied to Bitcoin’s volatility and futures contract mechanics, its structure provides a transparent framework for participation. The ETF’s launch underscores GPW’s role in expanding access to innovative financial instruments while reinforcing Poland’s position in the evolving global ETF ecosystemThe Crypto Basic^[12].